JLL price target lowered to $264 from $266 at Jefferies

Jefferies lowered the firm’s price target on JLL (JLL) to $264 from $266 on lower target multiples given heightened macro/interest rate volatility, while keeping a Buy rating on the shares. Office and Industrial leasing led the way, with Capital Markets also showing solid performance in Q1 despite a more uncertain macro backdrop, the firm says. Looking ahead to Q2, pipelines remain healthy “as capital allocators continue to engage,” though the recent rise in interest rates could begin to weigh on activity, Jefferies adds. That said, with the stock still -22% below recent highs, the firm believes resilient results could cause sentiment to turn.